Bernstein Redo & Savitsky P.C. attorneys have helped hundreds of clients selling or purchasing a restaurant, bar as well as other small retail business. We assist in critical due diligence that is required and in the drafting and negotiation of the contract of sale. Here are some of the many issues and questions we can help you with:
What form should the transaction take, an asset purchase or stock/LLC member interest purchase and sale. What are the benefits and risks of each
What assets should be sold and what should be excluded
How is the deferred portion of the purchase price secured
Is the purchaser responsible for any of the seller’s debts or obligations
How is the purchaser protected against any of seller’s unpaid sales taxes
What consents and conditions are required for closing
Can a liquor license be transferred. What about a sidewalk café permit
Can purchaser take or purchase seller’s liquor inventory
Can purchaser use seller’s liquor license while its application is pending
Can purchaser obtain a temporary permit to sell liquor
Should purchaser close on the transaction before its liquor license application is approved
What happens to the seller’s principal’s good guy guaranty after the closing of the sale
How does a seller protect against a fraud claim by the buyer after the closing
What do you do if the seller needs the closing funds in order to pay off tax or other liens
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